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Message: MPH Ventures and Skyharbour Amend Agreement Relating to Red Lake
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MPH Ventures and Skyharbour Amend Agreement Relating to Red Lake

posted on Feb 06, 2009 08:36AM
February 6, 2009
MPH Ventures and Skyharbour Amend Agreement Relating to Red Lake Gold Property, NW Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2009) - MPH Ventures Corp. (TSX VENTURE:MPS) (FRANKFURT:IJA1) ("MPH") and Skyharbour Resources Ltd. (TSX VENTURE:SYH) ("Skyharbour") announce that further to their respective news releases of December 12, 2008, they will not be proceeding with the form of agreement as announced. MPH and Skyharbour will instead proceed with a Debt Settlement Agreement wherein they have agreed that MPH will settle its historical debt with Skyharbour relating to the Heyson Project and shall have its previously diluted interest in the Heyson and Byshe property restored to a 50% interest. Pursuant to the terms of the agreement, MPH has agreed to issue Skyharbour 500,000 common shares to settle the outstanding debt and accrued interest, relating to non-contribution to work programs on the project in the amount of $85,000.

The 7,000 acres Heyson property lies to the south of the former Howey and Hasaga gold mines in the southern portion of the central Red Lake gold belt, 5 km southwest of the operating Goldcorp Red Lake and Campbell gold mines.

Red Lake Ontario Heyson Project Map:

http://www.mphventurescorp.com/i/map...

The above transaction is subject to the acceptance of the TSX Venture Exchange.

MPH Ventures Corp. is a precious metal and molybdenum exploration company focused on mineral development within Canada.

For further information on MPH Ventures Corp. (TSX VENTURE:MPS) visit the Company's web site at www.mphventurescorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President
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